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Polkadot (DOT) Welcomes New Era as Governance Platform Launches

Thu, 06/15/2023 - 16:55
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Tomiwabold Olajide
Polkadot's first decentralized open governance platform launches
Polkadot (DOT) Welcomes New Era as Governance Platform Launches
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Web3 interoperability blockchain Polkadot welcomes a new era as OpenGov, a crucial development for the Polkadot community, launches.

In an exciting announcement, the Polkadot network makes it known that Polkadot OpenGov, an open governance platform, has officially arrived.

This hopefully marks a new era of fully autonomous decision-making where the entire process is handed over to the DOT community.

Polkadot OpenGov saw active testing on Polkadot's canary network, Kusama, before a proposal to roll it out on the main Polkadot network was submitted and approved.

With Polkadot OpenGov, Polkadot will be run by the community, eliminating first-class citizens. This implies that users will be fully in control of the network. Community referenda will determine the use of treasury funds, make network decisions and handle issues, and anyone can join the movement.

The newly launched OpenGov serves two aims: empowering DOT holders and protecting the network, as protocols that are not sufficiently decentralized are more likely to fall prey to malicious operators.

Polkadot (DOT) Active Accounts up 64% in Q4, 2022, Messari Says

Another feature of the OpenGov platform is its complete detachment from whales, who do not have control as it is fully autonomous. 

Instead, there is just one group of network participants, DOT token holders, who are surrounded by an expert body, the Polkadot Fellowship.

The Polkadot Fellowship is a new, elected body that replaces the Polkadot Council and Technical Committee and currently consists of over 45 members.

Polkadot continues to see development, leading in development activity on June 14. Among the numerous developments are blockchain-based identity solutions and decentralized social networks, which seek to foster user privacy and data ownership.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.